Solana has posted a landmark $2.85 billion in revenue over the past year, firmly establishing itself as one of the most profitable blockchain ecosystems today. According to a recent report from 21Shares, the network averaged roughly $240 million in monthly revenue between October 2024 and September 2025, far surpassing Ethereum’s early revenue figures.
This achievement highlights Solana’s rapid adoption and growing influence in the blockchain space, fueled by an expanding user base, efficient network architecture, and a wide variety of decentralized applications.
Solana Trading Platforms Drive Most Revenue
Trading platforms emerged as the top contributors to Solana’s revenue, accounting for approximately 30% of total earnings, or $1.12 billion annually. Apps such as Photon and Axiom were particularly instrumental, generating up to $260 million per month during peak periods of speculative activity in late 2024 and early 2025.
Beyond trading platforms, Solana’s revenue comes from a diverse set of sources including decentralized exchanges (DEXs), memecoins, DeFi protocols, wallets, launchpads, borrowing and lending platforms, DePIN projects, and AI-driven applications. Validators across the ecosystem also earn substantial income through transaction fees.
This diversity not only underscores the robustness of Solana’s revenue model but also demonstrates its ability to attract and retain users across multiple blockchain sectors.
Monthly Revenue Peaks Amid Speculative Frenzy
Solana’s monthly revenue peaked at $616 million in January 2025 during a surge in memecoin activity, with tokens such as Official Trump contributing significantly. Even after the speculative frenzy subsided, the network consistently recorded monthly revenues ranging between $150 million and $250 million, a level of stability rarely seen in blockchain networks at this stage.
By comparison, Ethereum’s monthly revenue averaged less than $10 million during 2019–2020, four to five years after its launch. In some months, Solana outpaced Ethereum’s early monthly revenue by more than 50 times, highlighting the speed and scale of its adoption.
Technical Efficiency and Low Fees Drive Adoption
Solana’s architecture has been critical to its rapid growth. Capable of handling thousands of transactions per second at costs below $0.01, the network has attracted between 1.2 million and 1.5 million daily active addresses—three times more than Ethereum at the same stage of development.
This technical efficiency has also positioned Solana as a serious competitor to major technology companies. 21Shares noted that Solana’s revenue rivals firms such as Palantir and Robinhood, signaling a significant shift in blockchain revenue potential.
Institutional Adoption Expands
Solana’s growth has caught the attention of institutional investors. Nearly $4 billion worth of SOL is now held on public company balance sheets, reflecting increasing confidence in the network. Companies like Forward Industries, Pantera Capital, and Brera Holdings are leading the way, implementing treasury strategies to accumulate SOL.
The upcoming approval of spot SOL ETFs in the U.S. could further increase institutional participation. Firms such as Fidelity, VanEck, Grayscale, Canary, Franklin Templeton, 21Shares, and Bitwise have pending filings, with SEC decisions expected soon. Polymarket currently estimates a 99% chance that at least one SOL ETF will be approved by the end of 2025, potentially unlocking broader access to the ecosystem.
Expanding DeFi and Real-World Asset Activity
Solana’s decentralized finance ecosystem is thriving, with nearly $13 billion in total value locked (TVL). The network’s stablecoin volume has surged sixfold year-over-year, while tokenized real-world assets now account for over $500 million.
These developments indicate that Solana is moving beyond speculative applications and into markets with tangible, productive use cases. Users and investors increasingly view the network as a platform with strong product-market fit and real utility.
Network Upgrades Promise Further Growth
Future network upgrades are expected to enhance Solana’s capacity and efficiency even further. The Firedancer validator client aims to enable 1 million transactions per second by 2025, while the Alpenglow upgrade has already reduced transaction finality to below 200 milliseconds.
Such improvements are likely to drive additional adoption, attract institutional participants, and potentially boost revenue even further in the coming years.
Conclusion
Solana’s $2.85 billion in annual revenue marks a remarkable milestone, demonstrating its ability to outperform Ethereum’s early growth trajectory. Driven by trading platforms, DeFi activity, and institutional adoption, the network has solidified its position as a leading blockchain ecosystem.
With anticipated SEC approvals of spot SOL ETFs and ongoing technical upgrades, Solana’s momentum is poised to continue, offering both retail and institutional investors a compelling opportunity in the blockchain space.
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